Endowment funds, common in private colleges and schools, are now making their way into the public school system. Entrepreneurs Michael Bor and Chris Bossola have launched The Endowment Project, aiming to create a $65 million endowment for every public high school in the U.S.
Starting with a pilot program in Richmond, Virginia, The Endowment Project has already seen success. Douglas S. Freeman High School raised nearly $100,000, funding scholarships, facility upgrades, and innovative learning spaces.
Inspired by rare success stories like Boston Latin School's $75 million endowment, The Endowment Project seeks to engage alumni and philanthropists to support public education. The project's infrastructure allows schools to easily set up funds, engage donors, and manage contributions transparently.
While traditional educational foundations focus on broader programs, The Endowment Project aims to supplement these efforts by targeting individual schools. It has already gained traction in Richmond, with plans to expand across Virginia and eventually nationwide.
The project's success hinges on its ability to engage alumni and philanthropists effectively. By leveraging technology and focusing on individual schools, The Endowment Project hopes to create sustainable funding streams that benefit public high schools across the country.
The Endowment Project: A Novel Approach to Public School Funding
The Endowment Project is a purpose-driven for-profit education technology company. It is building the philanthropic infrastructure for public schools, aiming to ensure that public high school students, faculty, and staff have a more robust high school experience.
Public and private colleges, universities, and private high schools have dedicated alumni development organizations that nurture strong community and allegiance and then harvest donations from these communities that further the school's mission. Public high schools do not have this. The Endowment Project is bridging this gap by building the infrastructure to enable public high schools to create strong and loyal communities and steward the generosity of those communities.
How The Endowment Project Works
The Endowment Project is a technology- and human resource-enabled platform designed to help public high schools build communities from which capital is raised, managed, and deployed to enhance the educational experience for millions of students, faculty, and staff at public high schools across the U.S.
The project uses its proprietary technology and human-capital-driven processes combined with best-in-class alumni development strategies to build philanthropic infrastructure, establish and build strong and loyal school communities, raise capital from those communities, and appropriately manage the raised assets to benefit the students, teachers, and administrators of U.S. public high schools.
Partnerships and Fundraising
The Endowment Project partners with existing education foundations to serve as their development and administrative back-office function. It creates a database of donors, expands the school community, and provides fundraising services for each of its partner foundations. The project also pools and manages the capital from each foundation, with the advantage of scale leading to higher returns.
The company also manages grant requests, funding, and reporting, ensuring that the raised funds are used effectively to benefit public high schools. It has launched several fundraising programs for local high schools as a proof-of-concept, with plans to expand its efforts nationwide.
Impact and Future Plans
The Endowment Project estimates that 200 million people in the United States went to public high schools, and the country has 25,000 such high schools. Its goal is to create greater equality in the education experience between public and private high schools by providing public high schools with the same opportunities for fundraising and community engagement.
As it rolls out its fundraising programs and expands its reach, The Endowment Project aims to change the face of public education in America, ensuring that all public high school students have access to a more robust and enriched educational experience.
In our digital age, the impact of technology on our lives is undeniable. From the screens we interact with daily to the data streams we navigate, technology permeates our existence. Bernard Stiegler, a pioneering philosopher of our time, goes beyond the surface effects of digital tools. For Stiegler, technology isn't just about how devices impact our lives or how they're created and used—it's about something deeper: technics.
Technics, for Stiegler, is the essence of human experience. It's what distinguishes us from other species. Our existence is defined by the experiences and knowledge our tools enable, whether it's a cutting-edge brain-computer interface or a primitive axe used for clearing forests. However, technics isn't merely synonymous with technology. As Martin Heidegger noted, the 'essence of technology is by no means anything technological.' Instead, technics is an open-ended creative process, a relationship with our tools and the world.
Stiegler's journey to becoming a leading philosopher of the digital age was unconventional. Born in 1952, he experienced the political upheavals of 1968, which shaped his early worldview. Disenchanted with traditional Marxism and the political trends of the time, Stiegler sought new ways to understand the rapid rise of electronic technology. He realized that technology was redefining our relationship with ourselves, the world, and each other. To account for these changes, Stiegler believed philosophy needed to be rewritten from the perspective of technics.
His time in prison for armed robbery became a turning point. In his cell, Stiegler immersed himself in philosophy, exploring ideas that would shape his later work. He came to see technics as a fundamental aspect of human existence, tied to our ability to store and preserve knowledge through tools like books and archives.
Stiegler's concept of technics challenges us to rethink the role of technology in our lives. It urges us to consider how our tools shape our world and our understanding of it. While technology offers new possibilities, it also poses risks, from standardizing our experiences to increasing surveillance. Stiegler's work reminds us that our future is not predetermined by technology; rather, it is shaped by our choices in how we design and use our tools.
In a world increasingly dominated by digital technologies, Stiegler's philosophy offers a profound insight: our tools shape not only our world but also ourselves. It is through understanding this relationship with our tools that we can begin to imagine new ways of living, being, and evolving. Technics, not technology, holds the key to unlocking the future.
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The residential solar industry in the United States, valued at $30 billion, is facing significant challenges as it struggles to adapt to changing market conditions. The industry's growth, which has been driven by government incentives and declining panel prices, has slowed in recent months, leaving many companies scrambling to stay afloat.
Despite a record six gigawatts of peak generating capacity installed in 2022, the industry's foundation is shaky, built on cheap money, questionable accounting, and aggressive claims for federal tax credits. Industry leaders Sunnova Energy International and Sunrun, the nation's second-largest and largest residential solar power developers, respectively, are struggling to stay afloat.
Sunnova has lost $330 million on $722 million in revenue in the last 12 months, while Sunrun faces pressure from short sellers alleging inflated tax credit claims. Rising interest rates have reduced demand for new residential systems and decreased the value of $21 billion in debt issued to install existing systems. This has led to a decrease in installations, which has had a ripple effect on the industry, impacting manufacturers, installers, and financiers.
The industry's business model relies heavily on financing and tax credits, which are vulnerable to interest rate fluctuations and tax credit changes. Experts predict a reckoning for the industry, citing similarities to the subprime mortgage crisis. The IRS is investigating whistleblower claims of inflated tax credit claims, which could lead to a significant impact on the industry.
Sunnova's CEO, William "John" Berger, is working to differentiate his company from Sunrun, highlighting Sunnova's cash reserves, transparent accounting practices, and focus on maintenance and repair services. However, the company still faces significant hurdles, including declining demand, rising interest rates, and increased scrutiny from short sellers and the IRS.
The residential solar industry's challenges serve as a reminder that even industries perceived as "good" can face significant scrutiny and challenges. As the industry navigates these issues, it must prioritize transparency and sustainability to ensure a stable future.
The Inflation Reduction Act extended tax credits for residential solar through 2032, but this has not alleviated the industry's struggles. Sunrun has disclosed IRS audits of its investment funds and investors regarding tax credit calculations, and the industry's debt financing model is under scrutiny after Sunlight Financial filed for bankruptcy in October. Sunnova has bought millions in defaulted solar loans to maintain healthy cash flows, and the National Energy Assistance Directors Association reports 16% of American households were behind on their electric bill as of March, while 1.7% were behind on their mortgage.
Furthermore, the industry is facing increased competition from traditional energy sources, such as natural gas and coal, which have become more competitive in recent years. This has led to a decrease in demand for solar energy, making it even more challenging for companies to stay afloat.
In addition, the industry is facing regulatory challenges, as some states are re-evaluating their renewable energy policies. This has led to uncertainty for companies, making it difficult for them to plan for the future.
Bungie, the renowned developer behind Destiny 2 and Halo, finds itself in a challenging position following a recent wave of layoffs affecting approximately 100 employees out of its 1,200 workforce. Reports suggest that these layoffs, along with other cost-cutting measures, are part of an effort by the studio to meet financial targets and avoid a potential full takeover by Sony.
Despite being an independent subsidiary of Sony on paper, Bungie's board of directors has been divided since Sony's acquisition in July 2022. The current board includes key figures from both Sony and Bungie, with Bungie CEO Pete Parsons serving as a tiebreaker vote. However, sources within Bungie indicate that this shared power structure is contingent on Bungie meeting certain financial goals. Failure to meet these targets could allow Sony to dissolve the existing board and assume full control of the company.
The recent layoffs and cost-cutting measures have significantly impacted morale within Bungie. Employees describe the atmosphere as "soul-crushing," with concerns about the future of the company and job security. Despite these challenges, Bungie's leadership has indicated that more layoffs cannot be ruled out, further exacerbating the uncertainty among employees.
In addition to the layoffs, Bungie has implemented several other cost-cutting measures, including a hiring freeze, reduced travel budgets, and the elimination of various benefits and perks for employees. These actions, along with the layoffs, have led to a significant decline in morale and a sense of betrayal among many employees.
Furthermore, there are concerns about a shift towards outsourcing within the company, particularly in the Quality Assurance (QA) department. While outsourcing QA is common in the industry, Bungie has historically emphasized in-house QA testing. However, recent changes suggest a move towards a more outsourced model, leading to anxiety among QA testers about the future of their roles within the company.
Overall, Bungie's current situation reflects a turbulent period for the studio, with questions surrounding its independence and the impact on its culture and community. As the studio navigates these challenges, the focus remains on how its current management will lead the company forward in the face of these uncertainties.
In the realm of agriculture, AI (Artificial Intelligence) presents a double-edged sword. While it offers potential benefits for animal welfare, it also raises significant ethical concerns. As technology advances, the farming industry is increasingly integrating AI into its operations, raising questions about the ethical limits of AI involvement in farming.
Current applications of AI in farming include monitoring and managing animal health through sensors that track various physiological and behavioral indicators. These sensors, coupled with AI algorithms, aim to improve animal welfare by detecting health issues early and optimizing environmental conditions. For example, in the dairy and beef industry, AI can monitor cattle health, reducing the need for intrusive interventions. Similarly, in the poultry and pork industries, AI can ensure animals are well-fed and watered, improving their overall well-being.
However, the integration of AI into farming also poses risks, particularly in intensively farmed systems. For instance, while AI can improve individual animal care, it may also lead to the expansion of inherently low-welfare systems, such as cage-based methods, which prioritize efficiency over animal welfare. This raises concerns about a potential global decline in animal welfare standards as AI drives the adoption of these systems.
Moreover, the increasing reliance on AI in farming raises questions about the autonomy and dignity of farmers. AI-controlled parameters, such as temperature and humidity, could be set remotely by corporations, eroding farmers' control over their own farms and turning them into mere instruments of corporate interests. Additionally, AI's potential to reduce the need for human workers raises concerns about job loss and the nature of agricultural work.
To address these ethical challenges, it is crucial to establish clear guidelines for the use of AI in farming. These guidelines should ensure that AI advancements do not lead to an increase in maximum stocking densities or drive the shift towards greater use of cage-based intensive systems. Additionally, companies should be transparent about welfare problems detected by AI and held accountable for addressing them. AI technologies should also not be used to take autonomy and decision-making power away from frontline farmers.
In conclusion, while AI offers promising advancements for animal welfare in farming, it also presents significant ethical challenges. By establishing and enforcing ethical guidelines, we can ensure that AI in farming serves the interests of both animals and farmers, while upholding ethical standards and preserving the dignity of all involved parties.
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Major League Baseball (MLB) has initiated a formal investigation into gambling allegations involving Ippei Mizuhara, the longtime interpreter for Shohei Ohtani, following Mizuhara's dismissal by the Los Angeles Dodgers amidst conflicting reports regarding money paid for gambling debts.
The investigation was confirmed by Commissioner Rob Manfred's office, which stated that MLB's investigations department had commenced its formal process. The league has been gathering information since learning about the allegations from news reports.
The saga unfolded publicly on Wednesday evening while Ohtani, the Dodgers, and Mizuhara were in Seoul for a series against the San Diego Padres to open the season. ESPN initially reported that Ohtani's lawyers claimed he was the victim of a "massive theft." However, conflicting accounts emerged, with Mizuhara and a spokesperson for Ohtani initially suggesting that Ohtani had willingly paid off gambling losses of at least $4.5 million for Mizuhara.
Despite these claims, Ohtani has not been accused of placing bets. A person familiar with the situation told The Athletic on Friday that Ohtani was not being placed on leave based on the circumstances known when the investigation began.
Mizuhara admitted to ESPN that he had asked Ohtani for help paying off his debts, claiming he had gotten in over his head. Mizuhara stated that he and Ohtani worked together to wire money to a bookmaker who had allowed the wagers to be placed on credit. However, a spokesperson for Ohtani later recanted this account, asserting that Ohtani had not been aware of Mizuhara's gambling activities.
The Associated Press reported on Friday that the IRS was criminally investigating Mizuhara. Ohtani's representatives informed ESPN that they had turned the matter over to law enforcement, though they did not specify which agency.
ESPN published a timeline detailing its reporting on the evolving accounts from Mizuhara, Ohtani's spokesperson, and the superstar's lawyers. A crisis communications specialist for Ohtani, unnamed in the report, claimed that Mizuhara had used his position as interpreter to control communication to and from Ohtani, leading to inconsistent accounts about the situation.
ESPN reached out to Ohtani's agent, Nez Balelo, with evidence of Ohtani's wire transfers on Monday afternoon. Within hours, a newly hired crisis communications manager responded to ESPN, asserting that Ohtani had paid off Mizuhara's gambling debts.
Mizuhara told ESPN in an interview that he met the bookmaker, Mathew Bowyer, at a San Diego poker game in 2021. David Fletcher,a Braves infielder and former teammate of Ohtani's, was present but denied ever betting with Bowyer.
Mizuhara explained that he began betting with Bowyer after their initial meeting. By the end of 2022, Mizuhara had lost $1 million and was seeking financial help from others. He eventually approached Ohtani, who agreed to pay off the debts, and the pair worked together to send several wire transfers.
After the Dodgers' season-opening win in Seoul, Mizuhara and team owner Mark Walter addressed the situation with the team before it became public knowledge. At this point, Ohtani reportedly realized something was amiss and later discovered money missing from his bank account, leading to Mizuhara's dismissal.
Before his termination, Mizuhara admitted to ESPN that he had lied in his initial interview. He denied being paid to take the blame and claimed to be changing his story without coercion. However, Mizuhara denied using his position as an interpreter to misrepresent communications to and from Ohtani.
Mizuhara stated that he never bet on baseball and that Ohtani was not involved in gambling, noting that Ohtani disapproved of gambling and never participated when invited by teammates.
Every August, Las Vegas hosts the notorious "hacker summer camp," comprising the Black Hat and Defcon hacker conferences. Amidst this gathering, a select group of security researchers were invited to hack a Vegas hotel room, uncovering vulnerabilities in its technology.
Ian Carroll, Lennert Wouters, and their team have revealed a technique named Unsaflok, which exploits security flaws in Saflok-brand RFID-based keycard locks by Dormakaba. These locks, installed on 3 million doors worldwide, are susceptible to a method that allows intruders to open any room with just two taps on a specially crafted keycard.
The researchers discovered weaknesses in Dormakaba's encryption and the MIFARE Classic RFID system, which Saflok keycards use. By reverse-engineering Dormakaba's front desk software, they were able to create a master key that can open any room on a property.
Although Dormakaba is working on a fix, only 36 percent of installed Safloks have been updated so far. The full fix may take months to years to roll out completely. The researchers stress the importance of hotel guests knowing the risks and suggest using the NFC Taginfo app to check if their keycard is still vulnerable.
While there have been no known exploits of Unsaflok, the researchers believe the vulnerability has existed for a long time. They urge caution, advising guests to avoid leaving valuables in their rooms and to use the deadbolt as an additional safety measure.
The discovery underscores the importance of security in hospitality technology and serves as a reminder for businesses to prioritize the security of their systems.
The Baltimore Board of Estimates approved a program to sell city-owned vacant homes for $1. The decision was made despite objections from City Council President Nick Mosby, who expressed deep concern about the policy. The new pricing structure, approved by a 4-1 vote, will apply to a small group of city-owned homes listed on the Buy Into Bmore website, with rates starting at $1. Mosby, a Democrat, voted against the item, noting that he had proposed a similar program in 2021, which stalled in committee in 2022.
Mosby had previously pushed for a deferral of the new policy, arguing that Mayor Brandon Scott’s administration had not provided sufficient written guidelines to ensure that city residents are given first rights to buy properties and are not displaced when neighborhoods improve. He emphasized the importance of ensuring that sales fit into a broader approach to development that addresses vacancy for entire areas, rather than individual properties.
City housing officials, however, have insisted that guardrails are in place to protect residents. These include a 90-day window during which city residents will have priority to buy properties for renovation and use as their primary residence. The Department of Housing and Community Development also plans to offer a form for residents to indicate interest in buying any vacant property, whether city-owned or otherwise.
Alice Kennedy, the city’s housing commissioner, explained that the pricing policy is part of the city’s property disposition strategy and that there are other programs to help residents and developers financially when they buy properties to rehab.
The $1 price point will be available only for individual buyers and community land trusts. Developers will have to pay $3,000, as will large nonprofits with 51 or more employees, while nonprofits with fewer employees could pay $1,000. The policy also covers vacant lots, which will range in price from $1 to $1,000, based on a similar structure.
The new pricing structure will apply to vacant homes and lots in city neighborhoods with the most stressed housing markets, primarily in East and West Baltimore. However, it will apply to very few of the city's total vacant properties, as fewer than 1,000 of the city's total vacant properties are city-owned, and not all of those are listed on the Buy Into Bmore website.
The program is reminiscent of the city’s “dollar house” program of the 1970s, which offered homes for $1 to residents willing to fix them up and live in them. However, unlike the previous program, the current approach does not include low-interest rate renovation loans for buyers.
The pricing policy is part of a larger plan to address the thousands of vacant homes and lots in the city. Last year, Mayor Scott unveiled a $3 billion plan that calls for a mix of public and private funding to be spent over 15 years to address 35,000 homes, including down payment and closing cost assistance.
Nneka N’namdi, a Baltimore housing advocate, expressed support for the fixed pricing policy but emphasized the need for conditions that prioritize existing residents and prevent slumlords and land speculators from participating. She also stressed the importance of offering financial assistance to buyers to help them rehabilitate properties.
In response, Mayor Scott committed to developing an anti-displacement and equity policy and creating a public-facing tracking tool for “whole block” development. He also pledged quarterly reports to the city council on the demographics of buyers and an annual review of the program’s effectiveness.
Mosby, however, argued that N’namdi’s demands were not being met by the city’s current policies governing the $1 sales, emphasizing the need to ensure that the policy is in place to protect residents.
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President Joe Biden announced on Thursday that his administration will forgive approximately $6 billion in student loans for 78,000 public service workers. This relief is part of the Public Service Loan Forgiveness (PSLF) program, which is designed for employees of government agencies or nonprofit organizations such as teachers, nurses, and social workers.
This announcement brings the total loan forgiveness under the Biden administration to $144 billion for approximately 4 million borrowers. Just a month ago, Biden announced $1.2 billion in loan forgiveness for 150,000 borrowers eligible for a special benefit in the new affordable repayment plan developed by his administration.
Many borrowers have expressed that student debt has hindered their ability to achieve milestones such as homeownership and starting families. Secretary of Education Miguel Cardona emphasized that the Biden-Harris administration is committed to fixing logistical issues and expanding opportunities for more Americans.
Before Biden took office, only 7,000 borrowers had all their student debt relieved under the PSLF program, leading to criticisms that the program and the student loan system were broken. Since then, over 871,000 borrowers enrolled in PSLF have had their loan debt canceled.
Public service workers selected for relief can expect to receive emails next week informing them of this development. Additionally, about 380,000 other PSLF borrowers who are not yet eligible for forgiveness will receive emails notifying them that they will qualify for cancellation within one or two years if they remain employed in public service jobs.
President Biden has reiterated his commitment to addressing the student debt crisis, which now exceeds $1.7 trillion, and the soaring costs of higher education. His administration has increased the maximum amount of the Pell grant to $7,395 during the 2023-24 school year and proposed a further 10% increase earlier this month.
While campaigning for president, Biden vowed to address the challenges posed by student debt. Despite the Supreme Court striking down the administration's plan for sweeping debt forgiveness, the Biden administration has implemented incremental relief measures to provide targeted relief to subsets of borrowers.
Lawyers representing the late Boeing whistleblower John Barnett have made public the complaints central to a federal labor lawsuit he filed against the aerospace giant prior to his passing.
Barnett, whose body was discovered in his truck at a Holiday Inn in Charleston on March 9, had lodged a 32-page document outlining allegations of reprisal by Boeing. This came after he provided depositions in preparation for the federal trial scheduled for July.
The law firm of Robert M. Turkewitz, LLC, released a redacted copy of Barnett's Amended Complaint, filed on May 4, 2021, along with the court's decision of May 31, 2022, which denied Boeing's Partial Motion to Dismiss.
Barnett's complaint, filed under the AIR-21 Act with the U.S. Dept. of Labor's Administrative Law Court, alleges that Boeing retaliated against him for raising concerns about safety and quality control practices at Boeing South Carolina (BSC), where he worked for seven years.
The complaint details instances where Barnett asserts he was marginalized, harassed, and denied professional opportunities due to his efforts to address what he described as a "deep-rooted and persistent culture of concealment" at Boeing.
Boeing, in response to inquiries, expressed condolences for Barnett's passing and stated that it had addressed quality issues raised by Barnett prior to his retirement in 2017, as well as other issues mentioned in his complaint.
Barnett's lawyers are currently appealing the OSHA investigation decision that denied his claim, indicating that the case is ongoing.
Barnett's complaint seeks various forms of relief, including back pay, lost bonuses, and damages for emotional distress, among others.
The revelations in Barnett's complaint shed light on the challenges faced by whistleblowers and the complexities of addressing safety and quality concerns within large corporations.